121
121
Apr 20, 2013
04/13
by
KQEH
tv
eye 121
favorite 0
quote 0
and we'll interview caterpillar's ceo doug oberhelmin. now, we've been talking a lot about the downward movement in precious metals. we're continue tock on the lookout to see what people are doing when it comes to buying gold and silver. well, the largest coin show on the west coast kicks off today, and that's where we find jane wells, taking the pulse of the gold and silver bugs. >> very flashy, very nice. >> reporter: if you want to know how people feel about gold, don't look at the markets, look at the coin shows. >> on the entire floor, we're expecting business in the tens of millions of dollars. >> reporter: at the santa clara county show in the heart of silicon valley, thousands came to buy and sell, mostly buy. >> you see more buying. people interested in buying. >> why? >> they're taking advantage of the dips. >> reporter: kerry is buying. he is a wholesaler whose firm has been involved with big auctions, including one for a rare coin which sold for a record $10 million. what kind of coin is it? >> a 1794 silver dollar. >> for $10
and we'll interview caterpillar's ceo doug oberhelmin. now, we've been talking a lot about the downward movement in precious metals. we're continue tock on the lookout to see what people are doing when it comes to buying gold and silver. well, the largest coin show on the west coast kicks off today, and that's where we find jane wells, taking the pulse of the gold and silver bugs. >> very flashy, very nice. >> reporter: if you want to know how people feel about gold, don't look at...
103
103
Apr 22, 2013
04/13
by
CNBC
tv
eye 103
favorite 0
quote 0
caterpillar rallied but at the end of the day there is not much growth going on. >> howard, same question for you. any of these companies indicate which way we may see them go? >> i think we have seen some of the previews out of china already. sloppy. out of europe it's difficult but not impossible. maybe there is nobody being troubled. >> we will leave it there, men, thank you very much. coming up, my thoughts on the core issues facing apple. stay with us. [ male announcer ] there are people who find their own path. and never back down. who believe the american dream doesn't just happen, it's something you have to work for. ♪ we're for those kinds of people. because we're that kind of airline. and we never stop looking for a better way. it's how we've grown into america's largest domestic airline. we are southwest. welcome aboard. ♪ [ female announcer ] you're the boss of your life. in charge of long weekends and longer retirements. ♪ ask your financial professional how lincoln financial can help you take charge of your future. ♪ >> >> and finally my observation from what we migh
caterpillar rallied but at the end of the day there is not much growth going on. >> howard, same question for you. any of these companies indicate which way we may see them go? >> i think we have seen some of the previews out of china already. sloppy. out of europe it's difficult but not impossible. maybe there is nobody being troubled. >> we will leave it there, men, thank you very much. coming up, my thoughts on the core issues facing apple. stay with us. [ male announcer ]...
195
195
Apr 18, 2013
04/13
by
CNBC
tv
eye 195
favorite 0
quote 0
yesterday was something similar on caterpillar. yesterday -- >> fedex, same time i liked u.p.s. there's -- kind of fedex maybe spent too much money on asia. if you shen too much money on asia you're not in good shape. i will come back, i will see you daniher and raise you cyprus senate. i will see you fedex and raise you sandisk. union pacific versus csx. there is an excuse issue. union pacific with a remarkable -- coal only down six. if you're involved with coal, you just got coal in your stocking. >> all right. but that's a stock picker's market you're describing. that's actually trying to discern which managements are doing a better job. >> yes with, as opposed to the futures dictating everything. we'll get to pepsico but it was a remarkable quarter. what can i tell you. versus -- coca-cola had a remarkable quarter, too. obviously consumer products have done very well. pepsico is not claiming raw costs going down because they're hedged. many companies could. buffalo wild wings. we don't talk about buffalo wild wings enough. it is kind of like tractor supply and ulta. buffalo
yesterday was something similar on caterpillar. yesterday -- >> fedex, same time i liked u.p.s. there's -- kind of fedex maybe spent too much money on asia. if you shen too much money on asia you're not in good shape. i will come back, i will see you daniher and raise you cyprus senate. i will see you fedex and raise you sandisk. union pacific versus csx. there is an excuse issue. union pacific with a remarkable -- coal only down six. if you're involved with coal, you just got coal in...
55
55
Apr 22, 2013
04/13
by
KRCB
tv
eye 55
favorite 0
quote 0
for "nightly business report" in washington. >> more details now on those caterpillar earnings, caterpillar reported a first quarter profit. and revenues came in below expectations, down 17% to $13.2 billion. now, both misses are blamed on a global slump in mining. caterpillar slashed earnings estimates for 2013 because of a slump in mining. when i talked with the ceo earlier today, i asked him about the key factors for the revisions in caterpillarers out look. >> we obviously adjusted our out look for 2013, and brought the top line down about $5 billion and it's done around our mining business that has slowed significantly and is continuing to slow. i do feel the mining business could be at or ar a floor. so i feel a little better about that and we just held our bottom line at about $7 a share. >> so, doug, tell us about the mining business is, how long is this slump going to last? is this a temporary rough patch? >> i do think the mining rough patch is temporary. but the definition of temporary is something that i cannot define. something that is interesting that we are watching closely,
for "nightly business report" in washington. >> more details now on those caterpillar earnings, caterpillar reported a first quarter profit. and revenues came in below expectations, down 17% to $13.2 billion. now, both misses are blamed on a global slump in mining. caterpillar slashed earnings estimates for 2013 because of a slump in mining. when i talked with the ceo earlier today, i asked him about the key factors for the revisions in caterpillarers out look. >> we...
157
157
Apr 22, 2013
04/13
by
CNBC
tv
eye 157
favorite 0
quote 0
caterpillar is lowering its full-year guidance and earlier on squawk box, caterpillar's ceo explains why he's feeling more confident now about the future. >> stability is the word right now and while nobody likes that feeling we're in, certainly it's better than it's been the last couple of years and that give meese a little bit better confidence going forward than i've had since 2011 or early 2011. >> to be clear, there are two areas they're warning about. one is obviously china and the mining experience is in the headlines there and also in the united states and they were worried about coming into the year and the reason why he's feeling more confident is because of the sustained housing recovery. >> inventories come way down, we know that and i think people have wondered with apple tomorrow night, can you discount in a miss? everybody in the world thinks apple will miss tomorrow and you can actually do that. the stock is down 19% year to date and this is a bad quarter and it's a bad miss and stocks not reacting violently to the down side. >> i know we have the j.p. morgan analyst,
caterpillar is lowering its full-year guidance and earlier on squawk box, caterpillar's ceo explains why he's feeling more confident now about the future. >> stability is the word right now and while nobody likes that feeling we're in, certainly it's better than it's been the last couple of years and that give meese a little bit better confidence going forward than i've had since 2011 or early 2011. >> to be clear, there are two areas they're warning about. one is obviously china...
137
137
Apr 17, 2013
04/13
by
CNBC
tv
eye 137
favorite 0
quote 0
speaking of the industrials, caterpillar lowering the price from 75 to 95 and from neutral to outperform on concerns about weakness in china. jim, they're calling it a multi-year decline in mining capex, and i'm not sure how that's new. >> this is what happened in 2008 and 2009 and you have credit problems for tat. 8.10 goes to 7.40. is it 12 times earnings and when earnings are coming down, multiples are very slippery things. i think the stock has found footing before 79 and 80. carl, i know you are the man of being able to figure out the calendar. tuesday is keeping its very good performance. >> yes. that was 14 consecutive tuesdays. who knows why? people like to make fun of it. they call it useless numerology. >> when the moon is in the seventh house and it's tuesday. i will point out that the reaction yesterday really gathered steam during the day, and i think the idea that the futures must always key off of europe, they were down at 415. it was nonsense. yes, europe is bad and the car sales are horrendous. if you're ford you have to deal with down 15% over there. look, is bank of am
speaking of the industrials, caterpillar lowering the price from 75 to 95 and from neutral to outperform on concerns about weakness in china. jim, they're calling it a multi-year decline in mining capex, and i'm not sure how that's new. >> this is what happened in 2008 and 2009 and you have credit problems for tat. 8.10 goes to 7.40. is it 12 times earnings and when earnings are coming down, multiples are very slippery things. i think the stock has found footing before 79 and 80. carl, i...
87
87
Apr 22, 2013
04/13
by
FBC
tv
eye 87
favorite 0
quote 0
and caterpillar is the indicator. profit was lower than expected, and demand for equipment and mining equipment dropped. not good news for the stock, but it is up a little bit, okay? $81, up 80 cents on caterpillar he, very interesting. you've got to look at gold prices. on the rise this morning. this brings in peter schiff. peter is the ultimate gold bug, doesn't mind calling him that. i want to know, peter, have you ever put out a sell on gold? >> no, i mean, i've been buying gold for 13 years or so. it's been in a bull market pretty much the entire time and i'm not a short-term trader so i don't give advice to futures traders or options traders. i'm telling people to buy gold and hold it as a hedge against inflation and money printing and you know, gold has been up for 12 consecutive years. it's entitled to a correction. it's incredible how the media has jumped all over this. i read an article that said that the advisors who had been negative on gold the entire time were now gloating and saying, "i told you so." we
and caterpillar is the indicator. profit was lower than expected, and demand for equipment and mining equipment dropped. not good news for the stock, but it is up a little bit, okay? $81, up 80 cents on caterpillar he, very interesting. you've got to look at gold prices. on the rise this morning. this brings in peter schiff. peter is the ultimate gold bug, doesn't mind calling him that. i want to know, peter, have you ever put out a sell on gold? >> no, i mean, i've been buying gold for...
153
153
Apr 23, 2013
04/13
by
CNBC
tv
eye 153
favorite 0
quote 0
morgan ups caterpillar today? >> this is a lowered expectations when it comes to caterpillar. it was a 12 multiple for you. i thought the sequester would make them miss and dupont, ag was great and coleman really delivered. she said there would be a lot of savings and my charitable trust had dupont and now they raised the dividend and you the good yield that people want so badly. to me, you're getting a sense of what this market upons. it has good yield and once dom effortic. look at target. target is up $is 1.50 from where it told you things were weak. how do you get that? >>. >> i don't know. >> how is coach up five? the shoes are obviously -- the consumer in the united states is feeling better. housing prices are upon. >> don't your instincts tell you this thing is starting to get played up? this theme and maybe i want to take a look like jeff said at microsoft. maybe i want to take a shot at the tech names that are beating things down and are cheap. >> how about the fact two analysts downgraded microsoft to a sell ahead of the quarter. >> >> that was obviously what i call
morgan ups caterpillar today? >> this is a lowered expectations when it comes to caterpillar. it was a 12 multiple for you. i thought the sequester would make them miss and dupont, ag was great and coleman really delivered. she said there would be a lot of savings and my charitable trust had dupont and now they raised the dividend and you the good yield that people want so badly. to me, you're getting a sense of what this market upons. it has good yield and once dom effortic. look at...
870
870
Apr 17, 2013
04/13
by
FBC
tv
eye 870
favorite 0
quote 0
right now, caterpillar's down 1.5%, was down 2% earlier. downgraded, and so was deere and company, by the way, the companies that have the same, earth moving equipment, tractors, bulldozer, and the like, and obviously, the types of companies do well with the great economy. everybody's building and the economy's building. on the contrary, concerns about an economy that is slowing here and also abroad. it hurts big companies like caterpillar and it's on the heels of what we heard from the imf took in and curbed the numbers for this year and next as well. back to you. >> thank you, nicole. see you in a few minutes. breaking news for you know. oil closing down $2.04 at $86.68 a barrel, a loss of 2 #%. man, we have not seen that in a long time. >> fear back on wall street, the vix, nope as the fear index, seeing swings this week, and it near two-month high. sandra, what are they telling you about this down there? >> well, i have ben of traders audio, up there quoting markets all day long, looking at the rapid spikes and falls in the stock market
right now, caterpillar's down 1.5%, was down 2% earlier. downgraded, and so was deere and company, by the way, the companies that have the same, earth moving equipment, tractors, bulldozer, and the like, and obviously, the types of companies do well with the great economy. everybody's building and the economy's building. on the contrary, concerns about an economy that is slowing here and also abroad. it hurts big companies like caterpillar and it's on the heels of what we heard from the imf...
475
475
Apr 23, 2013
04/13
by
CNBC
tv
eye 475
favorite 0
quote 0
of course we had doug oberholman on caterpillar on yesterday. we're going to have to wait and see and dig in about what dupont is saying in china. >> he was interesting, though. he was talking about how they're actually, from his perspective, saying things seem to have stabilized in china. we'll see if ellen colman has the same to say. she'll be joining us to talk more about this. running through the details quickly. >> operating shares seem to be about 7% to 9%. a couple other things in here. q1 revenue webs $10.5 billion. okay. that's interesting because -- >> they're looking for full year -- i don't know if you guys have the earnings up. my machine is busted on this. but for the full year, they're looking for 385 to 405. can anybody tell me what they were expng f full year? >> i don't know what the full year is, but i just referenced agriculture the.that continues to be hot. the agriculture business was up 14% year over year. the weakness was in chemicals. that was expected. so chemicals down 17%. agriculture was up 14%. a lot of people don't
of course we had doug oberholman on caterpillar on yesterday. we're going to have to wait and see and dig in about what dupont is saying in china. >> he was interesting, though. he was talking about how they're actually, from his perspective, saying things seem to have stabilized in china. we'll see if ellen colman has the same to say. she'll be joining us to talk more about this. running through the details quickly. >> operating shares seem to be about 7% to 9%. a couple other...
152
152
Apr 16, 2013
04/13
by
CNBC
tv
eye 152
favorite 0
quote 0
. >> caterpillar, uniquely involved in mining and that's moving up. i don't trust that. i don't trust that they have the quarter. >> gold corp, barrett gold are all victims of higher finding costs and less gold coming out and the market not that good. i also want to warn people that you have to be careful of the gold royalty trusts because you're a gold mine, you're not going to start a new mine right now. wow, you call your guys and say holy cow, where does it stop? david, you alluded to the etfs, the etfs did not act like -- they were driving gold and that's the tale. i didn't like that. >> watching that gld which is the largest by far was quite something yesterday. >> didn't you realize that all of those worries about the gld not being a real security when you go to the gold dealers? >> it did have that feeling which gets you wondering is there forced liquidation? >> let's not forget these are bought with leverage by certain funds and we don't have the answers right now. >> you even said this morning on twitter as someone who liquidating a client's position. >> i have
. >> caterpillar, uniquely involved in mining and that's moving up. i don't trust that. i don't trust that they have the quarter. >> gold corp, barrett gold are all victims of higher finding costs and less gold coming out and the market not that good. i also want to warn people that you have to be careful of the gold royalty trusts because you're a gold mine, you're not going to start a new mine right now. wow, you call your guys and say holy cow, where does it stop? david, you...
557
557
Apr 22, 2013
04/13
by
CNBC
tv
eye 557
favorite 0
quote 0
caterpillar, which we got out this morning. and a decline in home sales. jonlsen and johnson shares hitting an all-time high. we'll talk to ceo alex gorsky from j & j exclusively laying out his strategy for the health care giant. >>> meantime, shares of netflix, big gains. about 7%. ti is also higher. both will be reporting earnings after the bell tonight. they are due out about an hour from now. we'll have full team coverage of the numbers and the full analysis coming your way. >>> take a look at the markets as we approach all of that. dow jones industrial on the highs of the day. big victory given the fact we had been negative for much of the day. nasdaq composite also turning from the lows. that, too, at the high of the day with a gain of 30 points. now technology the leadership on the upside. s&p 500 up 8.25 points. one-half of 1%. what is driving this market today, bob pisani, in the middle of all the action right now? >> folks, we were down 80 points as you saw from the dow industrials interday. we've come up 100, 105 points. still not a lot of direc
caterpillar, which we got out this morning. and a decline in home sales. jonlsen and johnson shares hitting an all-time high. we'll talk to ceo alex gorsky from j & j exclusively laying out his strategy for the health care giant. >>> meantime, shares of netflix, big gains. about 7%. ti is also higher. both will be reporting earnings after the bell tonight. they are due out about an hour from now. we'll have full team coverage of the numbers and the full analysis coming your way....
159
159
Apr 23, 2013
04/13
by
CNBC
tv
eye 159
favorite 0
quote 0
this week, i think it's interesting,s with something like caterpillar, where you've had the cyclical part of the markets correcting under the surface of the indexes, and basically people say, okay, it was all priced in. i'm not predicting that's exactly what we're going to see with apple, but it seems like this week is a little bit of a mirror image of last week, where basically expectations are low enough in general that we get a little bit of a pop, more than not. >> let me get to julia boorstin real quick. i want to get some headlines on this at&t report, which is just coming out. and of course, the revenue looks light and the stock is trading down, julia. what can you tell us about the report? >> that's right, maria. even though earnings per share was right in line with expectations, secluding one-time items, revenue did come in light. looking at some of the other data points, wireline consumer revenue growth was 2% and u versus revenues was up 35.2%. there are 1.2 million new smartphone subscribers, but there is, of course, the question about churn. there was post-paid churn, it
this week, i think it's interesting,s with something like caterpillar, where you've had the cyclical part of the markets correcting under the surface of the indexes, and basically people say, okay, it was all priced in. i'm not predicting that's exactly what we're going to see with apple, but it seems like this week is a little bit of a mirror image of last week, where basically expectations are low enough in general that we get a little bit of a pop, more than not. >> let me get to julia...
544
544
Apr 24, 2013
04/13
by
CNBC
tv
eye 544
favorite 0
quote 0
you look at a fedex, at a caterpillar, so where do you think you get the most bang for the buck, if, in fact, you do want to go long equities here? >> you're certainly pointing out, correctly, maria, that there have been some disappointments, some deceleration in the pace of global trade. but our feeling is that many u.s. companies can do fairly well, nevertheless. they have very commanding market share, they have good margins, and so on. and by and large, we're looking at the economically sensitive names. again, it becomes a question of valuation. a lot of the things that investors are nervous about may already be priced in and therein lays the opportunity for u.s. investors. we also think that those companies that are making the longer term bets in terms of investing not just for this quarter and next, but long-term future, some of the innovative research and development that will give them the product cycles of the future, this is where much of the opportunity probably lies. >> obviously, u.s. market had a stellar further. much was made of the fact that a lot of the defensive issu
you look at a fedex, at a caterpillar, so where do you think you get the most bang for the buck, if, in fact, you do want to go long equities here? >> you're certainly pointing out, correctly, maria, that there have been some disappointments, some deceleration in the pace of global trade. but our feeling is that many u.s. companies can do fairly well, nevertheless. they have very commanding market share, they have good margins, and so on. and by and large, we're looking at the...
139
139
Apr 22, 2013
04/13
by
KTVU
tv
eye 139
favorite 0
quote 0
we have a pretty good opening but disappointing news coming in this morning caterpillar it is part of a dow jones. >> wow. all right, pam. >>> we have new information about that deadly weekend avalanche in colorado. what authorities are saying about the group involved in this and how prepared they were. >>> state senate failed to do what the american people were demanding. >> mark kelly brings his push for gun control to the bay area. >>> plus don't forget you can wake up with ktvu every morning. get the morning's top stories that developed while you were sleeping sent straight to your cell phone every weekday morning at 6:00 a.m.. get your ktvu morning wake up call by texting the word wakeup to 701123. >>> welcome back to the ktvu channel 2 morning news. 5:23 is the time. we do have new information this morning about that deadly avalanche in colorado that killed five people over the weekend. the group of experienced snow borders was testing out avalanche safety gear as part of a community event promoting back country safety. the victims were snow boarding in the rocky mountains satur
we have a pretty good opening but disappointing news coming in this morning caterpillar it is part of a dow jones. >> wow. all right, pam. >>> we have new information about that deadly weekend avalanche in colorado. what authorities are saying about the group involved in this and how prepared they were. >>> state senate failed to do what the american people were demanding. >> mark kelly brings his push for gun control to the bay area. >>> plus don't forget...
74
74
Apr 22, 2013
04/13
by
KTVU
tv
eye 74
favorite 0
quote 0
caterpillar profits are down. they fall short of analyst expectations. also cutting outlook is here for a whole year this year. but it does look like a pretty good opening overall for the dow and nasdaq. we will get you the numbers in a little bit. >>> we will smile and say good morning, to you. thank you for joining us here. monday it's april 22nd i'm dave clark. >> good morning, i'm pam cook. thank you for joining us. it's 6:30. >> it has been one week since the boston marathon bombings. the governor of massachusetts wants everyone to have a moment of silence to honor the victims. the bombing suspect is starting to answer questions. tori is joining us live from boston. >> reporter: dave, the suspect is still here in the hospital. we are told that his condition continues to be serious. law enforcement sources are saying that he is communicating with investigators. meanwhile though this is a tough day, a tough week in the city of boston because memorial services are starting up. people waited in line sunday evening to pay their respects to crystal campbe
caterpillar profits are down. they fall short of analyst expectations. also cutting outlook is here for a whole year this year. but it does look like a pretty good opening overall for the dow and nasdaq. we will get you the numbers in a little bit. >>> we will smile and say good morning, to you. thank you for joining us here. monday it's april 22nd i'm dave clark. >> good morning, i'm pam cook. thank you for joining us. it's 6:30. >> it has been one week since the boston...
110
110
Apr 24, 2013
04/13
by
FBC
tv
eye 110
favorite 0
quote 0
caterpillar, deere, they are all watching what will happen with this planting season. and intraday chord chart will show you what has happened with the day. there are a lot of forecast coming-out weatherwise. cold, wet weather has rolled through the midwest. there is concerned that we will not get to plant as much corn this year as originally predicted. we are up on the session. core prices already down about 8%. this is an ever-changing world down here. a lot of these agriculture commodities are moving on this. corn is up on the session now. soybeans and wheat still both lower. soybeans down about $0.10 on the day. volatile environment. i always remind everybody, we are not just watching the commodities themselves, this affects a lot of stocks. we are watching all about for you. connell: the dow has market loss. cheryl and dennis are coming up as market now continue. how to fix this twitter problem. that is coming up next on markets now. ♪ [ female announcer ] working together means working efficiently. and a lennox home comfort system may just be the perfect exampl
caterpillar, deere, they are all watching what will happen with this planting season. and intraday chord chart will show you what has happened with the day. there are a lot of forecast coming-out weatherwise. cold, wet weather has rolled through the midwest. there is concerned that we will not get to plant as much corn this year as originally predicted. we are up on the session. core prices already down about 8%. this is an ever-changing world down here. a lot of these agriculture commodities...
145
145
Apr 22, 2013
04/13
by
KTVU
tv
eye 145
favorite 0
quote 0
. >>> caterpillar reported first- quarter earnings. the revenue that fell short of the expectations. taking a live look at the big board, the dow is down 75. the nasdaq down 2. s&p down 4. >>> sales of previously-owned homes also dipped last month. the national association of realtors said sales fell 6% mostly because of a limited supply of available homes. but other signs point to sub stagetly more sales in the long- term. the average price did, 184,000. up 12% from march of last year. it's the largest year to year growth since 2005. >>> for the first time in eight years, the five most valuable companies in the world are all based in the united states. exxonmobil topped the list followed by apple, google, berkshire and walmart. last year, three chinese companies were in the top five and for the first time in three years, no company in the world is worth $400 billion. >>> gas prices continue to slip across the country and here in the bay area. analysts say they could be lower by the memorial holiday weekend. san francisco averages $4.0
. >>> caterpillar reported first- quarter earnings. the revenue that fell short of the expectations. taking a live look at the big board, the dow is down 75. the nasdaq down 2. s&p down 4. >>> sales of previously-owned homes also dipped last month. the national association of realtors said sales fell 6% mostly because of a limited supply of available homes. but other signs point to sub stagetly more sales in the long- term. the average price did, 184,000. up 12% from march...
195
195
Apr 24, 2013
04/13
by
CNBC
tv
eye 195
favorite 0
quote 0
what would make you want to take a flier onto caterpillar when it's as easy to go into heinz? >> that's so unusual that you would say that when the market is running like this. and there's a lot of -- the search for yield is certainly there. there's certainly more safety in hienz. but i don't think when i look out over the next year or two years to this those will be the outperformers. these rates are not going to move up much. but the global recovery is going to pick up a little steam going into 2014. our economy is going to be better this year. so i think this is where to be from here on out. >> finally, scott, i wonder -- you know, we haven't come up with a name for it yet. whatever happened yesterday. the 1% drop in the middle of the day because of a hacked tweet. are clients responding to that? do you think there will be a hesitance to get into the market? >> i started on the floor at the exchange in 1980. so over 30 plus years i can't tell you how many times headlines have come out on whatever news service and st tok market reacts violently like that. you can't avoid it.
what would make you want to take a flier onto caterpillar when it's as easy to go into heinz? >> that's so unusual that you would say that when the market is running like this. and there's a lot of -- the search for yield is certainly there. there's certainly more safety in hienz. but i don't think when i look out over the next year or two years to this those will be the outperformers. these rates are not going to move up much. but the global recovery is going to pick up a little steam...